A budget is simply a plan for what you want to do with your money. By sticking to it, you will have the money for the things that are important to you, whether it be setting up an emergency fund or taking a nice vacation once a year. Though everybody’s budget is different, there is one consistent rule of budgeting: Expenses should never exceed income.
Even if you’re currently spending less than you’re earning, if you are not saving as much as you want to it’s a good idea to consider what ways you can increase your income or reduce your expenses to free up some extra cash. You may also want to make changes if you have credit card debt or unsecured personal loans so that you can increase your payments. The higher your monthly payments, the less interest you have to pay and sooner you will be debt free.
Use our interactive budgeting worksheet to help you get started with creating your budget.
If you have any questions about creating a budget or if we can help you in any way, please contact Member Services at 804-323-6800 or 800-285-6609.